Bitmine Immersion Technologies now controls cryptocurrency assets worth $9.9 billion, a significant portion of which is Ethereum. The company holds 4.47 million ETH, representing 3.71% of the total supply, and is actively staking over 3 million tokens to generate substantial annual revenue. This positions Bitmine for a long-term strategic bet on Ethereum rather than short-term trading.
Bitmine Immersion Technologies announced it controls $9.9 billion in assets, involving 4.47 million Ethereum (ETH). This substantial holding equals approximately 3.71% of all ETH in circulation and advances the company’s strategic “Alchemy of 5%” roadmap.
The company is actively staking 68% of its ETH, more than 3 million tokens. This staking activity reportedly brings in about $172 million in annual revenue.
In late February, the company added 50,928 ETH to its holdings. This pushed its total staked Ethereum to 3.04 million tokens, worth around $6 billion at the time.
Among public companies holding crypto, Bitmine now ranks just behind MicroStrategy which owns Bitcoin worth about $47.5 billion. Bitmine appears to be attempting a similar dominant position with Ethereum.
Concurrently, BMNR stock climbed by 7.48% to $20.40 per Google Finance data. Meanwhile, ETH was trading at approximately $1,967 after a 1.45% increase.
On-chain data presented a mixed picture for Ethereum’s market health. Ethereum’s 30-day MVRV ratio recently dropped into deeply negative territory, near -30%, implying most short-term holders faced significant unrealized losses.
The MVRV ratio later bounced slightly but remained negative at around -16%. However, weighted sentiment data showed a clear turn north, moving back into positive territory.
In related activity, F2Pool founder Chun Wang has also been making significant Ethereum moves. Wallets linked to him sent $240 million in stablecoins to Binance over 45 days, likely preparing capital for deployment.
Subsequently, $67.5 million worth of ETH was withdrawn from Binance into a private wallet. Around $150 million worth of ETH was then deposited into the Aave protocol, suggesting a strategy to use the assets as collateral.
